SUgar Futures Hover Around 1-Month Low

US sugar futures eased to around 19.3 cents per pound, holding close to their lowest since early October, pressured by a weaker Brazilian real and as the market consolidated following recent supply-driven gains. The devaluation of the real tends to favor Brazilian exports, as sellers can obtain more returns for each dollar received in foreign sales, potentially stimulating the country's supply. Meanwhile, recent data showed that sugarcane crushing and sugar production in Brazil declined during the first half of October, as persistent rainfall across the Center-South disrupted harvesting and delayed mill operations. El Niño appears to be affecting the region earlier than expected, with excessive rainfall complicating production prospects and raising uncertainty over the start of the next harvest. Forecasts of further precipitation could prolong these disruptions, further limiting crushing activity and weighing on output.